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December 13, 2016

Volume 6 Issue 37

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Informal Idemitsu, Showa Deal Rumored

Nikkei Asian Review reported Wednesday that Idemitsu Kosan Co. and Showa Shell Sekiyu K.K. can and likely will begin to cooperate even if Idemitsu’s board continues to block an official merger. The Japanese newspaper said the two oil refiners began negotiating an informal tie-up, which would be tough for Idemitsu’s opposing shareholder(s) to block since Idemitsu’s planned purchase of Showa Shell shares would not give it enough voting rights to veto Showa’s dominion on such matters. The firms responded in a joint statement saying they have not made a formal decision on the integration nor unveiled that such a meeting took place.